Quick guide to buying Aeternity (AE)
- Register for an account with an exchange like Coinswitch.
- Verify your account.
- Search for Aeternity or AE.
- Check the price and confirm the details.
- Choose your payment method.
- Confirm your purchase.
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Launched in 2017, Aeternity aims to improve the scalability of smart contracts and decentralised applications (dapps) by moving contracts off-chain. It also relies on an oracle to provide the real-world data needed for those smart contracts and offers a native currency, Aeon (AE), which is required to access the network and run dapps.
If you’re thinking of buying any AE tokens, read on for detailed instructions on what you need to do.
You can buy and sell AE on the following crypto exchanges:
So you’ve decided you want to buy Aeternity? Here’s what you need to do:
To sell your Aeon holdings, the process you need to follow is similar to that outlined in step 3. Of course, you’ll need to make sure that you enter your transaction details in the “Sell” tab rather than the “Buy” section.
It’s also worth mentioning that unlike major currencies like bitcoin, which can be traded to an extensive range of coins and tokens, AE can only be exchanged for a limited number of currencies.
Rather than keeping your tokens on an exchange, which exposes you to a number of security risks, it’s recommended that you move your funds into a cryptocurrency wallet that lets you retain control of your private keys.
Aeternity is supported by a range of wallets, including Atomic Wallet.
Since the launch of Ethereum in 2015, there’s been no shortage of speculation and excitement about the potential uses for smart contract technology. However, the world’s leading smart contracts platform and second-largest cryptocurrency isn’t without its shortcomings – from a lack of scalability to working out an efficient way to integrate real-world information onto the blockchain – and it’s these problems that Aeternity aims to solve.
To improve scalability, Aeternity moves smart contracts off-chain, running them in private state channels. This minimises the amount of on-chain data and frees up network resources.
Next, it includes a decentralised oracle, the Aeternity Oracle Machine, to integrate the real-world data needed to execute smart contracts. For example, if the execution of a contract relies on the price of a specific share reaching a predetermined figure, an oracle can provide accurate, tamper-proof data about the share’s performance.
To achieve consensus, Aeternity uses a hybrid proof-of-work and proof-of-stake mechanism. Proof-of-work is used by miners to verify blocks, while proof-of-stake is used to allow AE token holders to vote on proposals and changes to the Aeternity network.
Based in Liechtenstein, the Aeternity team raised around US$5.2 million in an April 2017 pre-sale and US$24 million in a June 2017 token sale.
Cryptocurrencies are complicated and speculative assets which are known for their volatility. There’s a high level of risk associated with buying any coin or token, so it’s essential that you understand and assess all the factors that could potentially influence a coin’s value.
There are several other factors worth considering, so do your own research before deciding whether to buy any AE.
Image source: Shutterstock
Disclosure: At the time of writing the author holds ADA, IOTA and XLM.
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